Tax Tips 2024 – 25 Part 4

Retirement planning – preparing for the future  20 Maximise tax relief on your pension contributions by using all of your annual allowance. The annual allowance for 2024/25 is £60,000, but you can also use surplus allowance from the previous three tax years (see tip...

Tax Tips 2024 – 25 Part 3

Your property – making the most of bricks and mortar  16 Let rooms in your own home to one or more lodgers. Rent-a-room relief allows up to £7,500 of rent per property to be received tax free per year. The rooms must be let as residential accommodation in the home you...

Tax Tips 2024 – 25 Part 2

Savings and investment – making the most of your money  10 Contribute up to £9,000 into your child’s Junior ISA. The fund builds up free of tax on investment income and capital gains until your child reaches 18, when the funds can be either withdrawn or rolled over...